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The specialist in highly technical, market-driven banking and corporate finance training

Business Valuation Courses

web: redliffetraining.co.uk email: [email protected] phone: +44 (0)20 7387 4484

The specialist in highly technical, market-driven asset management training

Asset Management Courses

All courses can be presented In-House or via Live Webinar

web: redliffetraining.co.uk email: [email protected] phone: +44 (0)20 7387 4484

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Advanced Negotiation Issues in M&ADate:

Location: London Standard Price: £*** + VAT Membership Price: £*** + VAT

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PUBLIC COURSES

• Market Abuse Workshop for Funds• Senior Managers and Certification Regime (SMCR)

Workshop for Funds

IN-HOUSE COURSES

• Fixed Income Portfolio Asset Allocation• Fund and Portfolio Management• IFRS Accounting Training for Investments• Infrastructure Project Finance • Portfolio Management & Performance Measurement• Private Banking & Wealth Management• Private Equity Funds• Real Estate Investment Strategy• The Shariah Compliant Investments Course• Contemporary Challenges in the Asset Liability

Management in Banks• OTC Derivative Products, and their Life Cycle Beyond the

Trade• Hedge Funds and Alternative Investments• Real Estate Investement & Management - South Africa• Real Estate Investement & Management - Hong Kong• Real Estate Investement & Management - UAE

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Corporate Membership Scheme

Our Corporate Membership Schemes are not valid on any courses held on an in-house basis and are in line with our standard Terms & Conditions

If you would like to enquire about one of our Corporate Membership Schemes then please call or email us for more information.

Email: [email protected] Tel: +44 (0) 20 7387 4484

Our Corporate Membership Scheme gives clients the benefit of discounted course places with absolutely no

restrictions.

Clients pay an annual subscription fee of £595 + VAT to receive 20% discount on all public course and conference

bookings irrespective of the numbers booked.

You Corporate Membership Scheme can be used once payment is received and will be valid for one year.

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Market Abuse Workshop for FundsDate: 22 June 2018

Location: London Standard Price: £295 + VAT Membership Price: £236 + VAT

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Course Overview

The Market Abuse Regulation (MAR) was introduced in July 2016 and the FCA has recently imposed some big fines on high-profile names in the fund industry. This coupled with its report into the Asset Management Industry means that those working in the fund industry need to be ever more vigilant on market abuse, what it means and what obligations they have on them to demonstrate awareness and adherence. This workshop will split across two sections: ■ A focus on MAR and what we now know two years on; what it is, what it means and why it mat-

ters. ■ Case study analysis – what can we learn from cases that have directly impacted the fund indus-

try. Target group ■ All investment staff within authorised funds ■ CCOs and Compliance staff ■ Operations and support staff

Format ■ Duration is as a half day classroom workshop ■ It can also be made available as an online webinar series

A recap on the Market Abuse Regulation (MAR) ■ MAR; What is it? What does it mean? Why

does it matter? ■ What it covers ■ Main offences ■ What you need to know

Key focus areas ■ Prohibitions ■ Manipulating transactions ■ Manipulating devices ■ Dissemination ■ Benchmarks ■ Colluding ■ Market open/close ■ Profiting from voicing an opinion

Indications of execution market manipulations ■ Abusive Squeezes ■ Wash Trades ■ Painting the tape ■ Phishing ■ Ping Orders ■ Marking the close ■ Pump and Dump ■ Layering and Spoofing ■ Trash and Cash ■ Colluding in the after-market of an IPO ■ Placing orders with no intention of execut-

ing the transaction.

Case study analysis ■ Window dressing ■ Market soundings ■ Cherry picking ■ Insider dealing ■ Sell side considerations

Summary: ■ FMSB key findings ■ Suspicious transaction and order reporting ■ Competition law considerations


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Senior Managers and Certification Regime (SMCR) Workshop for Funds

Date: 21 June 2018

Location: London Standard Price: £295 + VAT Membership Price: £236 + VAT

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Course Overview

The Financial Conduct Authority (FCA) is tightening up its rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SMCR). The regime has already been operating in the banking sector for some time and will this year extend to all within the financial services sector. This change will affect all FCA regulated firms including non-UK firms with permission to carry out regulated activities in the UK, and it will focus on three key areas: 1. The Senior Managers Regime 2. The Certification Regime 3. Conduct Rules The Treasury will set the timetable for the implementation of the new regime and a policy statement is scheduled for Summer 2018. Target group ■ All staff within authorised firms will be in scope ■ Senior Manager Functions (SMFs) ■ Certified Persons (CPs) ■ Non-approved ■ Also strongly recommended for those who will be directly involved in the implementation; Com-

pliance & HR. Format ■ Duration is as a half day classroom workshop ■ It can also be made available as an online webinar series

Overview and journey to the SMCR regime ■ Key misconduct issues ■ The regulatory reaction ■ The Fair & Effective Markets Review ■ The road to Implementation ■ Aims and Objectives of SMCR ■ What is the SMCR, what does it mean and

why does it matter Key Regime Features ■ The enhanced regime ■ The core regime ■ The limited scope regime ■ Overview of new staff categorisations

Senior Managers Regime ■ SMF categories ■ Prescribed responsibilities ■ State of responsibilities ■ Management responsibility maps

Certification Regime ■ Significant harm functions ■ Fitness and Competency checks ■ Annual assessments ■ Self-certification

Conduct Rules ■ Individual conduct rules, what are they and

how do they apply ■ Tier 2 Conduct rules for SMFs ■ Reasonable steps

Breach Reporting ■ The link between disciplinary issues and con-

duct rule breaches ■ Breach reporting obligations to the FCA

What we can learn from Phase 1 of the banking roll out ■ What we can learn from banking experience

to date ■ Transitioning to the SMCR ■ Taking Action


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Fixed Income Portfolio Asset AllocationIn-House or via Live Webinar

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The fixed-income asset class is very large in term of notional outstanding and comprises a great variety of different instruments such as corporate and government bonds, supranational and municipal bonds, mortgage-backed securities, inflation-indexed debt to name but a few.

This programme aims to give delegates an understanding of the key parameters, methods and models used in the allocation process. We will review some of the more recent developments in the fixed income portfolio management area, the risks inherent to portfolio management and the critical steps in investment policy. The programme will endeavour to discuss portfolio management theories, analyse their meaning for practitioners and compare current practice with empirical evidence of the theories. We will particularly focus on the various elements of portfolio construction, examining risk decomposition for portfolio management geared toward benchmarking, after an understanding of key risk factors related to investment policy constraints.

We will also discuss best practice in the approaches to the strategic and tactical allocation process, the practical use of the multi factor model, and the appropriateness and choice of internal or external benchmarking.

The workshop style programme uses a variety of teaching methods including relevant case studies, illustrative examples, multiple choice questionnaires and participant interaction to help attendees quickly grasp and internalise new knowledge.

Participants will be invited to discuss examples and case studies in groups in order to relate them to their own firm’s experience and gain a practical understanding of key concepts.

Introduction ■ Welcome, course objectives ■ Recent industry developments

• Exchange Traded Funds - ETFs, • Smart Beta • Constraint investing strategies• Outcome orientated funds

■ return orientated ■ unconstrained orientated

• The passive and active debate – 'redefin-ing active management'

■ Alpha: manager skills or good fortune ? ■ Academic evidence ■ the Fixed Income portfolio management

exception

Case Study: Analysing an outcome orientated fund historical returns versus political and macro-economic news

Risks associated with Fixed Income portfolios ■ Credit risk ■ Political risks ■ Event and jump risks ■ Concentration risk

• Asset types• Curve• Sector• Country

■ Geographical risks• Political• Regional

■ Volatility risk ■ Interest rate risk ■ Duration risk ■ Refinancing risks ■ Liquidity and funding risks ■ Systemic risk ■ Tracking risk ■ Identifying and managing riks

Case Study: Smart beta and risks

Investment policy: review and impact

■ Setting investment objectives ■ How to define constraints ■ Establishing the investment process ■ Setting Investment Objectives vs constraints ■ Establishing Investment Policy


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Fixed Income Portfolio Asset AllocationContinued...

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Course Content• Scope, context and purpose• Investment, return and risk objectives• Risk Management

■ Selecting a Portfolio Strategy• Active• Passive• Combination• Dedication• Immunization • Benchmarking

■ Selection of assets ■ Tools to measuring fund performance ■ The performance evaluation process

Asset Allocation Strategy: a review of the theory ■ Diversification and portfolio risk ■ The flaws with Markowitz assumptions ■ Asset and portfolio risk and return ■ Capital Asset Pricing Model - CAPM ■ The meaning of Beta and expected return for

fixed Income portfolio ■ Duration « Beta » ■ Definition and use of Alpha ■ Efficient market hypothesis - EMH

• Weak form• Smi-strong• Strong form

■ EMH and active versus passive management styles

■ The flaws in the efficient market framework ■ The key advantages of the Black-Litterman

model ■ Black-Litterman compared with the standard

approach

Case Study: applications of the theories

Understanding asset allocation ■ Asset allocation decision ■ Link between portfolio construction and the-

ory ■ Understanding the cell-based approach ■ The limits of the cell-based method ■ Primary risk factors

• Systematic risk factors• Idiosyncratic risk factors

■ Multi factor modeling for portfolio construc-tion

■ Practical risk decomposition steps ■ Computation of the tracking error ■ Analysis of the tracking error ■ The role of tracking error ■ Beta-type measures ■ Rebalancing issues

Case Study: Calculating and analysing tracking errors on a portfolio return

Benchmarking ■ Defining benchmarks ■ Benchmarks compared with market indices ■ The « normal » portfolio approach ■ Benchmark choice and investment objectives ■ Strategies for benchmark-driven fixed income

portfolio management ■ Benchmark selection process ■ The meaning of risk factors in practice ■ Risk factor cascade ■ Enhanced indexing strategies ■ The issues with market-cap weighted indices ■ The „Bum“ s and other problems ■ The limits of conventional bond benchmarks ■ The use and misuse of risk-based weighting

schemes ■ Monitoring

• active return, • tracking error• tracking difference

■ Separation of alpha and beta

Case Study: using a benchmark to monitor the management of a portfolio

Final discussion and close






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Fund and Portfolio ManagementIn-House or via Live Webinar

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Course Overview

While the performance of funds in the past few years has been increasingly under scrutiny by investors, stocks, bonds and other assets such as commodities have at the same time experienced unprecedented volatility as active portfolio managers switched more frequently between risk-on and risk-off transactions. It now becomes absolutely essential to have a thorough understanding of the basics of portfolio management to be able to have a balanced view of this fast expanding industry.

During this 2 day intensive course, we will define the fundamentals of portfolio management, the different types of funds available, and examine the investment process for both passive and active management. We will also look at the theories, appreciating their limitations while focussing on current best practice. The programme will include an analysis of the pros and cons of the different types of assets available, the various investment styles and allocation strategies used in practice, and the tools available to monitor fund performance.

The course will examine how to choose an optimal asset mix, determine which is best suited given specific risk tolerance and constraints, and understand why and how portfolio managers can beat or match an index or a specific liability structure.

This 2-day intensive training course will enable participants to:

■ Describe the portfolio construction process ■ Explain the tradeoff between risk and return ■ Understand an Asset allocation process ■ Evaluate The different styles of fund management ■ Describe The investment process ■ Grasp most investment products and their associated risks ■ Differentiate between various strategies in both fixed income and equity markets ■ Understand the use of risk controls and benchmarking ■ Appreciate investment performance measurement tools ■ Attribution analysis

Day 1

Understanding the Fundamentals of Investing ■ Investors :

• requirements • objectives

■ Investment risk ■ The diversification effect ■ Investment returns from stocks and portfo-

lios• historical returns• projecting returns

Portfolio Theory ■ Evolution of portfolio theory ■ Understanding variance ■ Differentiating co-variance and correlation ■ Investment returns ■ The benefits of diversification ■ Capital Asset Pricing Model - CAPM ■ The flaws of the theory ■ Best practice

Case Study : Correlation impact on a portfolio

The Fund Management Process ■ Roles and responsibilities within a fund man-

agement operation ■ Planning for optimal portfolio returns

• setting investment objectives• constraints on the fund manager

■ Active & passive fund management ■ The active/passive debate ■ Empirical evidence

Case Study : Going through an example of investment policy

Examining the Types of Investment Fund and their Portfolios ■ Pension funds ■ Mutual funds ■ Unit trusts ■ New key regulations ■ Tracker & index funds ■ Exchange-Traded-Funds - ETF ■ Hedge Funds


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■ Other alternative funds

Understanding the different asset classes ■ Equities ■ Bonds ■ Property ■ Commodities ■ Cash ■ Currency ■ Derivatives

Case Study : Performance comparisons

Day 2

Analysing Equity Investment Styles ■ Index and tracker matching ■ Sector rotation style ■ Geographic investment & diversification ■ Top down investing ■ Bottom up investing ■ Growth investing ■ Value investing ■ Momentum investing

Equity Investment Analysis ■ Understanding balance sheet data ■ Other key financial statements ■ Accounting and valuation ratios

Case Study : Evaluating a quoted company from a balance sheet report

Analysing Bond Investment Styles ■ Bond portfolio styles ■ Index matching ■ Liability matching ■ Bond types ■ Bond switching /swapping ■ Dedication strategy ■ Immunization strategy ■ Cash flow matching

Bond Investment Analysis ■ Understanding bond pricing ■ Bond yields ■ Duration analyisis ■ Convexity issues ■ Repayment risk ■ Refinancing risk

Case Study: Comparing bond performance

The Process of Investment Allocation

■ Strategic allocation ■ Tactical asset decisions ■ Currencies ■ Countries ■ Sectors ■ Stock picking

Evaluation of Investment Performance ■ Understanding investment returns ■ Benchmarks and benchmarking ■ The rationale of indexing ■ Risk-adjusted performance measurement ■ Attribution analysis

• superior stock selection • superior market timing

■ Global Investment Performance Standards - GIPS

Case Study : Risk adjusted performance analytics

Discussion session and closing






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IFRS Accounting Training for InvestmentsIn-House or via Live Webinar

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Course Overview

This course is intended as a detailed workshop on IFRS for participants who are already familiar with the basics of accounting for investment activities, and who need to deepen and reinforce their understanding of this particularly complex area of accounting, both at the strategic and at the technical level.

The course will primarily focus on the problems of applying general-purpose accounting standards to the special circumstances of the client’s own investment activities.

Training Methodology:

This intensive programme is strongly focused on the application of the relevant provisions of IFRS to a wide variety of real-life situations. It is designed as a hands-on experience for the participants, with a minimum of ‘chalk-and-talk’ and a maximum of interaction among participants and between them and the trainer. Participants will be encouraged to bring their own experience – and problems – to bear on the topics covered by the programme.

The outline is to be taken as indicative only, and subject to detailed discussion of the client’s specific needs. For instance, it can readily be modified to accommodate sessions on IAS 20 (Government Grants) and IAS 24 (Related Parties) if these were to be of interest.

Day One:

Investment asset classification under IFRS

■ Financial investments, and the principal crite-ria for distinguishing between:• Equity interests in subsidiaries• Equity interests in associates and joint

ventures• Financial instruments (i.e. portfolio invest-

ments) ■ Non-financial investments:

• Property (real estate)• Alternative investments•

Financial instruments in detail - 1: the balance sheet

■ Detailed rules for;• Recognition• Initial measurement• Subsequent remeasurement• Derecogntion

■ Difference between equity and debt ■ The Fair Value categories: Fair Value through

Profit and Loss, and Available for Sale ■ The amortised cost categories: Held To Matu-

rity, and Loans and Receivables ■ Permitted reclassifications ■ Making sense of the available alternatives:

why HTM is so unpopular and AFS is so pop-ular

■ Accounting for derivatives including embed-ded derivatives

■ Impairment

Financial instruments in detail - 2: the income statement

■ The amortised cost (effective interest rate) model, and its detailed application to special cases such as;• Floating rate investments• Foreign currency investments• Prepayments and restructurings

Non-financial investments ■ Real estate: the cost model and the fair value

model ■ Accounting for leases, both as lessor and

lessee ■ Impairment and impairment reversal ■ Special cases: unique (‘iconic’) buildings for

which no market price is available ■ Commodities and other alternative invest-

ments


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Day Two:

Valuing listed and marketable equity investments

■ The fair value hierarchy:• Mark to market• Mark to model (observable inputs only)• Mark to model (some unobservable in-

puts) ■ Problems associated with large (i.e. poten-

tially unmarketable) holdings: when premi-ums and discounts should be applied

Valuing equity investments 2: Strategic and unlisted holdings

■ Basics of company valuation: the three fam-ilies of methods and their limitations;• Book value• Market multiples• Discounted cash flow

■ Theoretical and practical challenges associ-ated with each

Case studies

Hedging and hedge accounting

■ Rationale for hedge accounting, and com-parison with Fair value Option

■ Mechanics of hedge accounting for ■ Fair value hedges ■ Cash flow hedges

Update on recent and impending developments

■ Progress report on those parts of IFRS 9 (replacement for IAS 39) so far published

■ Pending changes to the rules on:• Amortised cost and impairment• Hedge accounting


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Infrastructure Project FinanceIn-House or via Live Webinar

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Course Overview

In today’s volatile markets there is a renewed appreciation of the relatively stable long term cash flows from infrastructure investments. An increasing part of such infrastructure is by necessity being financed on a project – or limited recourse – basis. Project Finance enables companies to raise focused, risk sharing, finance in key industries and is an increasingly important method for governments to introduce private sector skills, disciplines and funding in a range of sectors. This programme will provide participants with an intensive overview of the following key elements of an Infrastructure Project Finance:

Business risk analysis ■ Review of fundamentals and key drivers of project viability, motivations of the parties involved in

an Infrastructure Project Finance and their approach.

Risk assessment ■ Overview of key risks and risk allocation

Funding ■ Principal options for governments in financing infrastructure, including PPP ■ Debt funding sources and structuring of Infrastructure Project Finance transactions ; ■ Project Finance vs. other corporate funding options; ■ Understanding the equity investors’ perspective – investment appraisal techniques and links to

cost of capital ■ Capital structuring issues – debt vs. equity and influencing factors

Structuring ■ Main commercial aspects of documentation and structuring alternatives; ■ Covenants and credit ratios

For participants seeking to focus on financial modelling, we suggest that Redcliffe Training’s Project Finance modelling courses will be more appropriate.

Target AudienceThis programme is designed for personnel working on large scale projects, with limited or no practical experience of Infrastructure Project Finance, working in organisations such as: ■ Project developers and investors ■ Investment banks ■ Equipment suppliers ■ Commercial Banks ■ Development Finance Institutions ■ Export Credit Agencies ■ Infrastructure Funds ■ Construction companies ■ Accountancy firms ■ Law firms ■ Financial advisors ■ Government and other Public Sector Agencies working on PPP and other large scale Infrastruc-

ture projects

Pre course questionnaire and training methodologyA pre course questionnaire will be sent to participants upon registration to help the Course Director deliver a training programme relevant to the participants’ needs.

During the training there will be one or two core case studies used. The focus of case studies and examples will be on typical areas of Infrastructure (such as Roads and Transport and Social Infrastructure (e.g. public sector hospitals and schools)



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An overview of key issues in Project Finance ■ Overview of activity in Project Finance ■ Review of an Infrastructure Project Finance

transaction to illustrate key aspects of the transaction and subsequent developments

■ Project Finance vs. the financing of projects ■ Principal options for government in financ-

ing infrastructure projects including PPP and PFI

■ The Project Finance “route map” - an overview of the key issues in evaluating and structuring a Project Finance transaction

Exercise: review of background on a core case study to identify the motivations and objectives of the main parties to the project

Risk evaluation in Project Finance ■ Key risks – construction, operating and

financial ■ Typical approaches to risk allocation and

mitigation ■ Overview of the approach to a credit anal-

ysis for power projects to illustrate key elements of a rating

■ Lessons from the past – what can be learned from past transactions about the value of forecasts

Exercise: participants review background on a core case study project and prepare a summarised”risk assessment” based on the risks and mitigants in the project

Sources of debt financing in projects and debt capacity ■ Rationale for Project Finance vs. other debt

financing techniques ■ Debt capacity - Using projected cash flows

as a basis for assessing debt servicing ca-pacity

■ Export Credit Agencies and Development Banks; bank debt vs. bonds; senior vs. sub-ordinated debt

■ Interest , foreign exchange and commodity price management issues in Project Finance

■ Potential use of credit enhancement

Exercise: review of a case study project to illustrate the debt financing

Financial yardsticks used by equity

investors and the relationship of sponsors to the project company ■ An overview of the main project investment

appraisal techniques, and implications in terms of risk and return and capital structur-ing of Project Finance transactions

■ Understanding the equity investor’s approach to achieving returns from the project compa-ny, including operating relationships with the project company, and cash extraction through re – financing

Mini exercise: calculation and comparison of investment returns from selected projects

Documentation and structuring issues in Project Finance ■ Rationale and structure of loan documentation ■ Key covenants ■ Construction contracts and cost overrun

guarantees – differing formats of construc-tion contracts and mitigation of construction related risks

■ Intercreditor issues, including senior vs. sub-ordinated debt

■ Third party credit support and security issues for debt financiers, including critical commer-cial issues in Concession agreements, offtake agreements, completion and cost overrun agreements, and shareholder agreements

Case study - Participants review an outline summarized Term Sheet for the capital structure, covenants, third party credit support and security for an assigned case study project



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Portfolio Management & Performance MeasurementIn-House or via Live Webinar

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Course Overview

This programme is designed to ensure that participants fully understand the core concepts of portfolio analysis.

The key skills that the participants will attain during the programme are as follows;

The Fund Management Process

■ An understanding of the way in which a fund management investment process works and how portfolio analysis fits into a fund management process

Risk and Return

■ An understanding of all the core concepts involved in portfolio construction including market efficiency, the risk/return trade-off, combining investments, correlation, normal distribution and investment styles

Performance Measurement

■ An understanding of all the core concepts involved in portfolio performance measurement includ-ing benchmark construction, sector and stock level attribution and presenting performance using global investment performance standards

Investing in Different Asset Classes

■ An understanding of the characteristics of the equity, fixed income and alternative assets class-es, their risk and return characteristics and the specific issues associated with analysing different asset classes in portfolios.

The programme will contain numerous practical case studies to assist the participants in their understanding of the material covered. The participants will require financial calculators to complete the case studies.

■Day One

Introduction to Portfolio Analysis – The Fund Management Process ■ The key elements of a fund management

process• The client• The portfolio manager’s role• Portfolio analysis

■ The decision making process ■ Active vs. passive management ■ Asset allocation vs stock selection

Portfolio Analysis – Returns and Risk ■ The starting point, what does the client

want? – investor indifference curves ■ Fundamentals of calculating returns

• Money weighted returns• Time weighted returns• Unit pricing

• Dealing with currencies and fees ■ Measuring risk (1)

• Variance and standard deviation as a measure of risk

■ Normal distribution – beware the Black Swan ■ Diversification in a portfolio – covariance and

correlation ■ Reducing risk

• Two-stock portfolio• Multi-stock portfolio

Day Two

Portfolio Analysis – Returns and Risk (continued) ■ Calculating risk (2) – Analysing portfolios for

different types of risk• Defining risk• The various risk measures

■ Absolute risk measures ■ Relatives risk measures ■ Downside risk measures


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Portfolio Analysis – Performance Measurement

■ Performance analysis – benchmarks• Relatives and absolute benchmarks – how

are each treated?• Indices and composite indices – how are

indices constructed?• Peer groups – how to choose peer groups• Excess returns

■ Portfolio attribution• Fama decomposition• Portfolio attribution – sector/stock level

analysis ■ Presenting performance

• Global Investment Performance Stand-ards (“GIPs”)

Dealing With Different Asset Classes

■ Equity investments in private and institu-tional portfolios• Key risk and return attributes of equities• Equity portfolio analysis and performance

measurement issues ■ Bond investments in private and institution-

al portfolios• Key risk and return attributes of bonds• Bond portfolio analysis and performance

measurement issues ■ Alternative investments in private and insti-

tutional portfolios• Key risk and return attributes of com-

modities and real estate• Alternative investment portfolio analysis

and performance measurement issues ■ Using derivatives in private and institutional

portfolios• Why use derivatives?• Derivative portfolio analysis and perfor-

mance



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Private Equity FundsIn-House or via Live Webinar

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Course Overview

Private Equity Funds is an intensive one-day interactive executive education course tailored specifically to the private equity sector. The course is designed for those who are new to working in the private equity industry, either with fund managers or with institutional investors, and for accountants, lawyers and other professional advisors who wish to gain an understanding of private equity funds. This introductory course provides a commercial overview into the structure of private equity funds, the fund raising process, marketing private equity funds, fund terms and conditions and private equity as an asset class, including the performance of private equity funds.

Key Learning OutcomesAttendees of this one-day course should gain an understanding of the typical structure of a private equity fund, how funds are raised, the essential ingredients of a private placement memorandum, how funds are marketed, how private equity returns are measured and how private equity funds compare to other asset classes. This practical and commercial focused fundamentals course is taught through a combination of talks, group discussion and case study exercises.

Global trends in the private equity industry: ■ Origins of private equity ■ Types of private equity ■ Investment risk and return ■ Growth and evolution of the industry, includ-

ing fund raising and investments data

Key players and their roles: ■ General partners and limited partners ■ Placement agents, fund of funds and gate-

keepers The limited partnership model: ■ The typical GP / LP model and relationship ■ Methods of investing in private equity funds ■ Deal by deal and pledge funds, evergreen

funds, listed vehicles, co-investment and direct investment

■ Fund of funds

Fund strategies: ■ Stage, sector, geographic focus ■ Fund and investment size ■ Group exercise on fund strategy ■ What LPs look for in a GP

Fund raising process: ■ Fund raising timeline ■ Private placement memoranda ■ Track record ■ Deal flow ■ Group exercise on example fund PPM, includ-

ing track record ■ Marketing private equity funds, including firm

competitor analysis and marketing activity matrix

■ Case study on firm and fund strategy

■ Brexit implications, including passporting

Fund terms and conditions: ■ Limited partnership agreement; deeds of

adherence ■ Carried interest, distribution waterfall, hurdle

rates ■ Management fees ■ Keyman clauses ■ Investment restrictions ■ Conflicts of interest ■ Advisory boards ■ Investor relations ■ Fund due diligence ■ Group discussion on fund due diligence ■ Group review of limited partnership agree-

ment

Marketing private equity firms and funds: ■ Firm and competitor analysis, including

SWOTs ■ Group discussion on SWOTs using example

fund PPM ■ Developing a marketing strategy ■ Case study on fund strategy ■ Marketing activity matrix

Private equity as an asset class: ■ Pros and cons of investing in private equity ■ Current issues in private equity, including

fund terms and regulatory issues ■ Regulation of private equity, including FCA,

Walker Review, AIFMD ■ Private equity investor asset allocation ■ Measuring private equity returns ■ Risk and diversification in private equity


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Private Banking & Wealth ManagementIn-House or via Live Webinar

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Course Overview

These are both exciting and challenging times for the Private Banking and Wealth Management sector. The industry continues to grow strongly with the emerging markets, notably Russia, the Middle East and Asia creating a steady stream of new high net worth individuals.

This course offers an opportunity for staff engaged in private banking / private wealth management to equip themselves with the skills to formulate innovative strategies, improve their customer relationships and effectively manage their clients’ wealth. The focus of this course is on equipping delegates to help their bank to grow and win new business, to retain and develop existing client relationships and to defend against clients leaving.

Learning Objectives ■ Upon the completion of this training event participants will have gained an understanding of ■ Growth and opportunities in the private banking market ■ Private client profiling and changing characteristics ■ Private client requirements and expectations ■ Appealing to both macro and micro markets ■ The challenges of investor choice ■ Asset allocation and portfolio structuring techniques ■ Structured products and solutions for private banking clients ■ How to make a high quality service deliver rewards for the bank as well as the client ■ Risk reduction and return enhancement opportunities and strategies

Session 1: Introduction to Private Banking Industry ■ What is Private Banking ■ A brief history of the industry ■ Products & Services ■ Classification of the main global/regional

players ■ Organisation & structure of a Private Bank ■ Defining roles: teamwork or superstars ■ Cross-selling problems & solutions

Case Study/Practical Example

Session 2: Know Your Customer, client profiling Process ■ KYC obligations ■ PEP accounts ■ AML regulations ■ Customer Life cycle (student loan, car loan,

housing etc) ■ Investor life cycle – accumulate, consoli-

date, retirement. ■ Client balance sheet, sources of income,

wealth & risk ■ Clients paradigms ■ Customer lifecycles in relation to sales

process.Case Study/Practical Example

Session 3: Private Banking services ■ Difference between accounts, customers &

clients ■ Private, retail, business or a mix ■ Cash management ■ Deposits ■ Loans and overdrafts ■ Premium services including credit cards ■ Strategic tiering of bank relationships


Session 4: Products & Development for Private Banking ■ Core private bank products – the essential or

minimum range of products ■ Risk profiling – green, orange and red lights ■ Traditional v alternative investments & hedge

funds ■ Principal guaranteed products ■ Outsourcing part of the investment manage-

ment – do’s & don’ts ■ Defending against huge competitors ■ Asset Management – discretionary/advisory ■ Securities brokerage ■ Retirement planning ■ Tax & trust advisory services ■ Collective investment schemes ■ Art jewellery & other investments


Session 5: Client Relationship Management ■ General framework for CRM and consultative



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■ selling skills ■ Investment needs ■ Interpersonal skills for selling ■ Converting features into benefits ■ Concierge services ■ Philanthropy


Session 6: Critical Management functions ■ Information technology & operating plat-

forms ■ Human resources & private banking

Case Study/Practical Example Session 7: The role of the Private Banking Client Relationship Manager (CRM) ■ CRM in general ■ The CRM’s perspective ■ The client’s perspective ■ What makes a good CRM ■ Dealing with success & disappointment

Role play/case study

Session 8: Marketing Private Banking Successfully ■ Client needs & strategy ■ Objection handling ■ The dos and don’ts of meetings ■ Differentiation & Positioning ■ Linking features to benefits ■ Negotiation versus selling ■ Planning the negotiation ■ Negotiating successfully & Negotiation styles ■ Closing the deal ■ Cross selling opportunities


Session 9: Dealing with Challenging Wealthy Clients ■ The “problem” client ■ Overcoming Client resistance ■ Gaining commitment ■ Overcoming difficulties when Shariah inter-

venesRole play/case study

Session 10: Essential Self Management Skills ■ Time management ■ Planning ■ Monitoring delegated activities ■ Time out sessions ■ Internal records


Session 11: Key Treasury Products in Private Banking ■ Conventional Treasury Products ■ Interest rate swaps explained and construc-

tion examined. ■ Cross currency swaps ■ Market participants and their motivations. ■ Forward Rate Agreements (FRA) ■ Foreign Exchange Derivatives ■ Puts & Calls ■ Uses of options

Role play/case study Session 12: Credit Derivatives and Private Banking - Introduction ■ The roles of the protection buyer and protec-

tion seller ■ Constraints of transactions ■ The role of the intermediaries ■ Forms of Credit Derivatives

• Credit Default Swaps (CDS) • Total Return Swaps• Contingent & Dynamic Default Swaps

Session 13: Structured Finance in Private Banking - Introduction ■ Bringing borrowers and lenders together with

“bespoke” structures ■ The development of investment vehicles using

embedded derivatives• Structures using Special Purpose Vehicles

(SPV)• The roles of the various parties in such

structures• Enhancements & risks

■ Credit Linked Notes and other similar prod-ucts • Mortgage Backed Securities• Collateralised Loan Obligations• Collateralised Bond Obligations

Session 14: Asset & Fund Management ■ Investors’ Objectives: ■ Capital preservation. ■ Maximise yields. ■ Balance between liquidity & profitability ■ Incorporation of Islamic doctrines. ■ Link to Sharia precepts & ethics. ■ Legitimate goods. ■ Moral behaviour & social objectives.

Case Study/Exercise

Session 15: Risk Management & Compliance in Private Banking ■ Value at risk ■ Reputational risk ■ Client confidentiality






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■ Basel II and IIICase Study/Exercise

Session 16: Marketing, Communications & Managing the Brand ■ Creating & developing the brand, image &

style of the Private Bank ■ Positioning the bank, products and the peo-

ple ■ Communications, PR, sales & marketing

literature ■ Client marketing – broad brush v narrow ■ Marketing via adverts, the web, sponsorship,

annual reports






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Real Estate Investment StrategyIn-House or via Live Webinar

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Real Estate is a major investment Asset Class offering a huge range of financing opportunities.

RisksReal Estate values are very sensitive to the underlying economic fundamentals, political events as well as the financial markets and interest rates.

Market conditionsThere is a huge amount of change both in terms of the underlying macroeconomic and political environment, environmental considerations and radical changes in how people work and shop, all of which make it essential to consider the role of Real Estate in an investment portfolio and the composition of the portfolio.

Real Estate Fund FocusTraditionally large scale Real Estate Investment Funds run by Pension Funds and Insurance Companies have tended to be passively managed and focused on Direct Investments in core sectors such as offices and retail. Will that approach still be optimal when there is a huge change in the type of demand for Real Estate and when there has been a substantial increase in new types of large scale investors?

Objectives of the trainingThis course will provide a forum for discussion of performance of various Real Estate sectors since the credit crisis, with a primary focus on Commercial Real Estate in some of the major Developed Economies, as well as the outlook for the Real Estate sector. There will be some coverage of Housing Finance opportunities.

In meeting those objectives participants will be requested to make a recommendation for the structure of a Real Estate portfolio.

Course methodologyThis programme will be case study driven, with exercises based on:Relative performance of selected Real Estate sectors since the onset of the credit crisisParticipants’ views on the outlook for specified Real Estate sectors over the next 5 – 7 years

Who should attend?This programme will be relevant to people working for organisations involved in Real Estate investment decisions including: ■ Insurance Companies ■ Pension Funds ■ Sovereign Wealth Funds ■ Real Estate Investment Funds ■ Family Offices investing in Real Estate ■ REIT and Real Estate Companies ■ Participant pre – requisites

Participants should already be familiar with the core principles of investment appraisal and company valuation techniques, as well as the core functions in Excel and the principal types of Real Estate investments. Previous familiarity with the financing of / investment in Commercial Real Estate has been assumed.

Participants should bring a laptop to the course.

Overview of developments in the Real Estate markets post the credit crisis

Exercise: participants rank various types of real estate investments based on their relative performance since the onset of the credit crisis, as well as in relation to other major asset classes ■ Review of exercise and discussion: Macroeco-

nomic cycles…what can be learned from the credit crisis?• Real Estate vs other major asset classes• Bank debt markets• CMBS• Housing Finance• Country specific performance• Equity investments• Sector performance

Risks and opportunities in Commercial Real

Estate Investments

Exercise: Participants identify and discuss the principal risks that they believe will influence returns from Real Estate Investments in the next 5 year period

Constructing a Real Estate Investment Portfolio

Participants are assigned to groups and make their recommendations on a Global Real Estate portfolio fund taking into account ■ Country and sector allocation ■ Liquidity ■ Risk and expected return ■ Size of investments ■ Expected investors ■ Fees

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Shariah Compliant InvestmentsIn-House or via Live Webinar

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Course OverviewIslamic Finance and Islamic Wealth Management are probably the closest the financial markets are ever likely to get to truly moral and ethical banking.

They remain a highly popular alternative to conventional products and are popular with both Muslims and Non-Muslims alike. Based on Islamic and Shariah principles they are mainly concerned with genuine profit and loss sharing with a real risk sharing ethic between banker and client.

Islamic wealth and fund management operates on the same principles as Islamic Banking and is equally popular. However, unlike conventional banking the product range is a lot narrower and although it continues to grow, the opportunities are more limited.

That said, to be a Shariah compliant investment requires compliance with a very strict code of ethics which tends to eliminate the speculative and highly geared opportunities. Accordingly, Islamic investments offer generally safer returns with steady growth and limited downside.

All three qualities make this an attractive proposition which is growing in popularity as an increasing number of offerings enter the market.

Learning Objective:This course considers the merits of Shariah compliant investments, explains how and why they are compliant and how they can be used to build a portfolio for the morally and ethically driven investor.

Teaching Methodologies:Classroom lectures and interactive practical workshop format intended to affirm the learning objectives.

Learning Pre-requisites:None although a basic knowledge of conventional fund management would be helpful.

What is an Islamic Finance ■ Definition – Fatwa ■ Source of funds ■ Use of funds ■ Contractual relationships ■ Profit & loss sharing

The Principles of Islamic finance ■ The prohibition of Riba ■ Real & notional interest ■ Fixed & variable interest ■ Interest as a return ■ Methods of Islamic investment ■ Trade credit & leasing ■ Islamic deposits

Case Study/Exercise

Shariah compliant Investment Vehicles ■ Wakala ■ Mudaraba – Restricted ■ Mudaraba – Unrestricted ■ Musharaka

Case Study/Exercise

Islamic Asset & Fund Management ■ Investors’ Objectives: ■ Capital preservation.

■ Maximise yields. ■ Industry screens ■ Balance sheet screens ■ Haram investments ■ Dealing with non-compliance ■ The role of the sharia scholars ■ Incorporation of Islamic doctrines. ■ Link to Sharia precepts & ethics. ■ Legitimate goods. ■ Moral behaviour & social objectives.

Case Study/Exercise

Islamic Bond Market (Sukuk) ■ What is a Sukuk ■ How do they differ from Bonds or other con-

ventional debt instruments ■ What impact will recent defaults have on glob-

al market ■ Two centres, GCC & Far East – differences in

approach ■ Specific differences

Course Conclusion ■ Summary, Revision, Open Discussion


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Contemporary Challenges in the Asset Liability Manage-ment in Banks

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The role of the active management of the banking book in the banking industry is constantly growing. This is dictated by heavily regulated landscape and increased competition for resources such as liquidity and capital. Given the market pressure, the relentless pursuit for the most efficient and productive use of a bank’s resources subject to consolidated risk and return appetite remains of upmost importance for banks of all size. Consequently, strategic ALM can significantly improve financial performance by delivering a better balance between returns and risks across the on and off-balance sheet items. This advanced 3 -day course covers best practice in Asset - Liability Management (ALM), as well as ALM role’s as a strategic function in financial institutions. The first day of the course focuses on the role of the ALM function and its set up within the financial institution. It provides the audience with the overview of the best market practice to ALM and its evolving role in the overall profitability of the bank. During the first day, presenter walks the audience through techniques for the interest rate risk measurement and management in the banking book (IRRBB) and emphasizes the importance of the active management of IRRBB in ALM though undertaking profitability enhancement strategies. The second day covers, in detail, the new regulatory requirements for IRRBB (Basel Committee on Banking Supervision Standards) and provides the methodological support in the implementation of this requirement. The second part of the day is focused on the analysis of the balance sheet maturity transformation and liquidity risks. In particular, it aims to answer the question what is the proper size of the liquidity buffer in the financial institutions. The third day provides the overview of the Funds Transfer Pricing process and the role of the ALM unit in the FTP framework. The second part of the third day is dedicated to the balance sheet optimization techniques and acts as an introduction to the concepts of quantification and optimization of asset and liability structures.

Day One ALM Introduction and Overview ■ The evolving role of ALM in financial institu-

tions ■ ALM role as a bank within the bank ■ ALM as a business unit ■ Maturity transformation as a main source of

earnings ■ ALM - Zero sum game ■ Creation and categorization of assets and

liabilities in the banking book ■ Why is it important to transfer risks to ALM? ■ Development of ALM in the future

IRRBB measurement, management and strategies ■ Re-ricing Gap analysis as an important tool

for the understanding of the IRRBB position of a bank

■ Measuring Net Interest Income (NII) risks with static and dynamic sensitivity analysis

■ Measuring Economic Value of Equity (EVE) and its sensitivity

■ Analysis of the interest rate shocks ■ Analysis of the impact of the automatic op-

tions on the EVE metric ■ Re-investment and re-funding risks

Case study: calculation of the NII sensitivity and EVE volatility under different interest rate scenarios ■ Analysis of the basis risks ■ Analysis of the Credit Spread Risk in the bank-

ing book ■ Discounting with commercial margin and with-

out – external and internal view for IRRBB ■ IRRBB stress testing and capital allocation

Case study: assessment of the basis risk through re-fixing gap analysis ■ Interest Rate positioning – decisions taken

within ALM ■ Should we be able to increase risks to profit

from expected market conditions? ■ Interest rate treatment of items without deter-

ministic maturity ■ Structural hedging – margin compression



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■ Analysis of the IRRBB metrics ■ VaR – calculation of interest rate risk in the

investment portfolio Case study: analysis of the IRRBB metrics – is the IRRBB well manged? Day Two Basel Committee on Banking Supervision Standards and European Banking Authority – detailed analysis of the requirements for IRRBB ■ IRRBB metrics and shock scenarios ■ Treatment of automatic options ■ Treatment of behavioural options (CASA

and prepayments) ■ IRRBB governance ■ Challenges with the BCBS 368 implementa-

tion Introduction to the liquidity risk managed within ALM ■ Maturity transformation as a main source of

liquidity risk ■ Contractual vs behavioural maturity ladder ■ Short term liquidity risk and liquidity met-

rics ■ Funding risk and medium long-term liquidi-

ty metrics ■ Tactical liquidity management ■ Liquidity buffer and counterbalancing ca-

pacity of a bank ■ What is the proper size of the liquidity buff-

er?

Case study: calculation of the size of the liquidity buffer in a bank

Trade-off between hedging and funding strategies ■ Impact of IRR and liquidity mismatches on

NII ■ Understanding the “trade –off” between

profitability and risk - real challenge of ALM analysis

■ Important links for liquidity management and transfer pricing through ALM

Case study: undertaking different hedging and funding strategies – what happens?

■ Is it better to manage the ALM position through natural hedging or derivatives?

Case study: Pros and Cons of the use of derivatives – practical example

Summary of the main take away messages for the IRRBB and liquidity management through ALM

Contemporary Challenges in the Asset Liability Manage-ment in Banks


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OTC Derivative Products, and their Life Cycle Beyond the Trade

In-House or via Live Webinar

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Overview of the ProductsThere will be simple exercises to check for understanding and answer any questions regarding the products:

■ Interest Rate Swaps• Recap of basic structure• Exercise: Buying a swap from a market maker• Exercise: Hedging a floating exposure• Case study; of a more complex product; amortising swap

■ Foreign Exchange Forwards• Recap of swap price and outrights• Exercise: Pricing a forward swap• Exercise: Corporate hedging a future revenue• Case study: More complex product example ; NDFs used for speculation and /or hedging

purposes. ■ Credit Default Swaps

• Overview of CDS and iTraxx structures• Exercise: Buying and selling CDS to make a profit• Using an iTraxx Index to create a basic investment

Major players in the OTC Derivative World and why they use Derivatives

■ Investment Banks ■ Asset Managers ■ Corporates ■ Sovereign Wealth Funds

ISDA Master Agreements ■ What is an ISDA and what role does it play

in OTC Derivatives ■ Credit Support Annex (CSA)

Mifid II ■ LEIs ….Legal Identity Identifiers (in appro-

priate locations) ■ Systemic Internalisers … How OTC deriva-

tives trade

How the Modern OTC Derivative Market Works ■ Which derivatives trade on electronic plat-

forms? ■ SEFs (Swap Execution Facility) and OTFs

(Organised Trading Facilities) ■ Central Counterparty Clearing (CCPs) ■ Collateral and how this works in a trade

■ Overview of CVA (Credit Value Adjustment) ■ How Banks can still make money from a

trade. (Bid / offer spread) Life Cycle of a Trade (Post trade)Valuation / Mark to Market (MTM) ■ How to value an IRS?

• Break a swap into 2 bonds Floating and Fixed

• Exercise: valuation of a vanilla swap ■ How to value an FX Swap

• Exercise: valuing an FX swap ■ Valuing a CDS and iTraxx

• Exercise: valuing an iTraxx trade ■ Mark to Model...what are the risks ?

Trade Reporting ■ EMIR Reporting

• The role of the AFM (Authority for Finan-cial Markets) in the supervision of EMIR

• Transaction reporting Obligation• Which investment Firm should report ?• Who doesn’t need to report ?• How do firms report ?• Dispute Resolution• Who are the top Repositories?



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OTC Derivative Products, and their Life Cycle Beyond the Trade

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OTC Derivative Clearing and Settlement ■ Confirmation and affirmation ■ Payments and Controls (SWIFT) ■ Nostro reconciliation and breaks ■ Novation

• How does it work …a solution to coun-terparty risk ?

• Tear Ups ■ The Central Counterparty clearing process

• Case study: clearing swaps ■ The major OTC Derivative platforms:

• Markit Serv• SwapClear• DTCC Deriv/SERV

■ TIW

Collateral Management ■ ISDA Master Agreements ■ Credit Support Annex ■ What types of collateral are accepted? ■ Reduction in Counterparty Risk ■ Portfolio Reconciliation ■ Dispute Reconcilation

• Dispute reconciliation exercise

Regulatory Summary ■ What impact is all the regulatory changes

having on the market place ? ■ Group Discussion and wrap up




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Hedge Funds and Alternative Investments


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How do Hedge Funds fit into the Investing Universe? ■ Mutual Funds and OEICs ■ ETFs ■ UCITs and SICAVs

What is a Hedge Fund Looking to Achieve? ■ Absolute vs. benchmarked returns ■ Alpha vs. beta; portable alpha ■ Minimising correlations

Hedge Funds Characteristics ■ History, evolution and size of the hedge

fund industry ■ Market participants ■ Mutual funds vs. hedge funds

• Hedge fund characteristics • Trading approach, fee structures, mini-

mum investment, redemption and other differences

Hedge Fund Strategies and Associated Risks ■ Directional strategies

• Long/short equities • Global macro and managed futures • Emerging markets

■ Relative-value strategies • Equity market neutral • Convertible bond arbitrage • Fixed income arbitrage

■ Event driven strategies • Risk arbitrage • Distressed securities

■ Financial and trading risk • Market, model, liquidity, correlation,

credit and operational risks ■ Risk management

• Cash and margin accounts • Leverage

■ Money management • Controlling risk and volatility at the

trade level and the portfolio level

Performance Measurement ■ Profit ■ How use ful are Hedge Fund Benchmarks ! ■ Sharpe ratio ■ Sortino Ratio ■ Drawdowns

Accessing Hedge Funds and Portfolio Construction ■ Accessing hedge funds

• Single managers/managed accounts • Fund of funds • Guaranteed products • Benchmarking and investable indices • Offshore/ on shore funds

Due diligence process and hedge fund portfolio construction ■ Qualitative due diligence ■ Quantitative due diligence ■ Impact of adding hedge funds to a tradi-

tional portfolio

Operational, Legal, Regulatory Issues and Hedge Fund Marketing ■ Administration, legal and tax issues

• role of the administrator • role of the custodian • role of the prime broker

■ Domiciliation and regulatory issues ■ Tax issues

Marketing Hedge Funds ■ Investor demand and expectation ■ Outlook for hedge funds

Basic Statistical Tools for Assessing Performance ■ Basic statistics for hedge fund analysis

• Normal distribution/ skew and kurto-sis

• Performance to risk ratios • Correlation • Comparison to peers

Case Studies: Analysing and comparing various types of real-life funds

■ Convertible arbitrage fund ■ Long short equity fund ■ Global macro fund ■ Fund of fund

Recap on Hedge Funds ■ How big is the fund? ■ Drawdowns ■ Asset Quality ■ The role of the Custodian ■ Leverage ■ Performance


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Alternative investments ■ Characteristics of alternative investments ■ Role in a portfolio, impact on risks and

return ■ Trends in the industry ■ Valuation issues

Commercial Property ■ Sector performance – office, retail and

industrial ■ Direct investment versus collective ■ REITs

Private Equity ■ Venture capital, leveraged buy outs, mez-

zanine financing etc. ■ Valuing private equity ■ Comparison with listed equity ■ Advantages and disadvantages of invest-

ing in private equity

Others ■ Commodities, infrastructure. Distressed

Securities ■ Precious metals, oil and gas, base metals,

soft commodities etc.

Historic Performance of Alternatives

How to gain exposure ■ Listed shares ■ Funds, ■ Futures ■ ETFs

Alternative Alternatives ■ Art ■ Antiques ■ Wines ■ Cars

Comparison to hedge funds (liquidity, payoff, risk control)

Exercise: Delegates, in teams, are asked to decide where they would invest their portfolio of $10m

What are the potential rewards?

What are the risks?!!


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Real Estate Investement and Management - South Africa


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The course has four primary aims: ■ To create detailed knowledge of the issues, problems and opportunities for the property indus-

try ■ To develop a greater understanding of the role of property within the overall development and

investment strategy of an organisation ■ To appreciate the investment strategy into real estate required for a pension fund, especially in

the South African context ■ To enhance the management and organisational skills necessary for effective property manage-

ment

Day 1 Real Estate as an Investment Real Estate Background: ■ Real estate investment and management

within the larger global economy ■ Types of property and their performance

Case Study: The emergence of land and property as a crucial investment class

■ Valuation theory and Applications

Examples of Land and Property Valuations

■ Property taxation, valuation and legal framework

■ Real estate in South Africa – private own-ership, recent development, stock markets and family investments

■ Key stakeholders within the property in-dustry

■ Property professionals and their role

Case Studies: The Royal Institute of Chartered Surveyors and the Urban Land Institute

Financing Property Purchase ■ Bank loans for property investment ■ Secondary loans

Case Study: Debt formulation and deal structuring in real estate investment ■ ■ Equity investment ■ Calculation of returns

Examples of Excel financial models for real estate investment analysis – different classes of investment

■ ARGUS DCF Valuation software demonstration

Property and Conveyancing Law ■ Legal principles, structure, court and devolu-

tion ■ Legal issues for property professionals

Examples of legal issues for property investment

■ Law of contract ■ Law of Tort, nuisance and negligence ■ Land law, property rights and obligations ■ Applied property law, legal issues in building

and construction, planning and development, liabilities for owners / occupiers

■ Islamic property legal issues ■ Mortgage Law

Case Study: the South African mortgage market ■ Differences in real estate law between South

Africa and other jurisdictions Case Studies of real estate law and legal decisions

Day 2: Property as an asset class All About Leases ■ Nature and creation of leases ■ Differences between types of commercial

property leases ■ Commercial leases and statutory control ■ Residential tenancies and statutory control ■ Structure of leases e.g. length of the lease

period; including options for tenant alter



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■ ations and expansion

Lease Calculations (with worked examples and exercises)

■ Rent reviews and lease renewal options ■ Covenants to leases e.g. repairing liability,

occupancy conditions, sub-leases, termina-tion, service charge provision

Tenant Management ■ Qualifying the prospective tenant financially

Case Studies: Do Ratings Work?

■ Marketing considerations for office build-ings – understanding the market, building a marketing plan, measuring marketing efficiency

Group work: preparing a marketing plan for a commercial building in Johannesburg

■ Advertising and public relations; how to get referrals; canvassing for tenants; preparing a rental sales plan

■ Security deposits and other negotiation issues

■ Inspections ■ Effectively handling inquiries and com-

plaints ■ What to incorporate in tenant and director’s

meetings

Group work: Handling tenant negotiations

■ Housing and tenant management Bricks and Mortar ■ Property Management ■ Advanced Operations And Facilities Manage-

ment ■ Occupational Health And Safety ■ Maintenance and Structural Preservation ■ Procurement and Supply Chain Manage-

ment ■ Property Life Cycle Planning ■ Sustainability and Real Estate Management ■ Information Technology ■ Staffing ■ Management ■ Contracts and Outsourcing

Business Management ■ Strategic business planning processes ■ Business life cycle ■ Analysing industry trends

Examples of real estate investment and occupancy strategies for pension funds and companies ■ Accounting and monetary practices ■ Insurance

Financial Management Principles ■ Reporting procedures in the management of

different kinds of properties ■ Preparing profit-and-loss statements ■ Tax implications; tax records; ■ Cash flows; depreciation; investment tax cred-

its; after-tax cash flow; ■ Risk management and how to obtain proper

insurance ■ Accounting theory and methods ■ Asset and liability valuations ■ Budgeting and cash flow analysis

Case Studies; principles of real estate management budgets

■ Decision making based on cost data; indus-trial, commercial and property finance; ratio analysis

■ Property accounting principles for investors (including IAS)

■ Presentation to clients and management of client’s accounts

Case Study: financial management - outlining a property’s sources of income and types of expenses and how they are accounted and reported

Real Estate Strategy ■ Principles of property management within the

built environment and a business environment ■ Private and public strategy for the manage-

ment of property resources within an opera-tional plan

Case Study: Government real estate planning, institutions and strategies

■ Application of legal and planning restrictions on asset enhancement

■ Corporate property strategy

Case Studies: Sale and Leaseback

Ownership Forms and Goals ■ Ways investors can own real estate and their






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■ expectations for this type of investment ■ The role of real estate funds

Operational Property Portfolio Planning ■ Master, action and project planning ■ Change management and relocations ■ Selling property

Group work: preparing a sales marketing plan for a commercial property

Portfolio Analysis ■ Comparison of risk–return profiles of real

estate and financial investment assets ■ Measuring investment performance ■ Principles of portfolio diversification ■ The case for active portfolio management ■ Application of property within a larger

non-property investment market ■ The nature of risk and return from prop-

erty compared with bonds and equities

Case Studies: portfolio management and property investment – how much property should a fund hold?

Course Conclusion





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Real Estate Investement and Management - Hong Kong


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the Hong Kong context ■ To enhance the management and organisational skills necessary for effective property manage-

ment







■ Real estate in Hong Kong – private owner-ship, recent development, stock markets and family investments














Case Study: the Hong Kong mortgage market ■ Differences in real estate law between Hong

Kong and other jurisdictions Case Studies of real estate law and legal decisions



period; including options for tenant alter-






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Group work: preparing a marketing plan for a commercial building in Hong Kong





meetings





























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Course Conclusion





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Real Estate Investement and Management - UAE


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the UAE’s context ■ To enhance the management and organisational skills necessary for effective property manage-

ment







■ Real estate in UAE – private ownership, recent development, stock markets and family investments














Case Study: the UAE mortgage market ■ Differences in real estate law between UAE

and other jurisdictions Case Studies of real estate law and legal decisions



period; including options for tenant alter-






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Group work: preparing a marketing plan for a commercial building in Dubai





meetings





























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Course Conclusion




The specialist in highly technical, market-driven banking and corporate finance training

web: redliffetraining.com email: [email protected] phone: +44 (0)20 7387 4484

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